Storage Sheds

[Eddy9]

Hi - I'm not an appraiser but working on a property valuation appeal. The issue is a detached storage shed that has electricity, otherwise unfinished with painted OSB. It has a loft, and is about 300 sqft. The issue is I'm fighting with the assessor, who insists this is a "guest cottage" (code 328), and should be valued at $30,000. It doesn't have heat, AC, or plumbing. It does have a sliding door and a few windows. My question is this: My state (by statute) prescribes the use of Marshall and Swift, and I've found numerous similar-sized storage sheds with electricity (mostly man-caves, wood shops, etc.), and they are all coded 1637 - wood storage unit, but none of the property cards assign a value to the external unit under that code. My argument is that it shouldn't matter what the building is used for, only the construction materials, etc. How do I find data that supports a comparable valuation of the shed/storage unit? Is there someplace online where I can find the Marshall and Swift calculators for this?

Every other "guest cottage" I've found is a pool house with plumbing, and in most cases heat and A/C. Thanks in advance.

 

[Terrel L. Shields]

Is there someplace online where I can find the Marshall and Swift calculators for this?

swift calculator is on line. You might call some appraisers and see if they have something. Clip ads from farm magazines, flyers, etc. as support. Photo it in and out and go before the board of equalization (or whatever the appeal board is called) and make your case. Big PITA but just do it. And if you have the actual costs you spent...even better.

Mortgage Origination Solutions

Setting the gold standard for mortgage fraud risk analysis. The easy way to calculate a borrower’s income—every time.

www.corelogic.com

 

[CANative]

From the CA Assessor's Handbook for rural costs. Sounds like a Class 2 small shed. $16.15/sf. Add a few hundred dollars for the window and door and power connection. Say, $6,500 or so?

NOTE: Cost does not always equal value. Typically, assessors will re-assess at the cost of construction rather than the actual contributory value, if any.

 

[Eddy9]

swift calculator is on line. You might call some appraisers and see if they have something. Clip ads from farm magazines, flyers, etc. as support. Photo it in and out and go before the board of equalization (or whatever the appeal board is called) and make your case. Big PITA but just do it. And if you have the actual costs you spent...even better.

Mortgage Origination Solutions

Setting the gold standard for mortgage fraud risk analysis. The easy way to calculate a borrower’s income—every time.

www.corelogic.com

Thanks. Intending to do all of that for the referee hearing coming up. Thanks for the CA info also. Follow-up on the swift estimator URL - this appears to be a pay service or require a subscription. I'm trying to avoid that if possible.

 

[CANative]

The CA cost handbook is free. Website is https://www.boe.ca.gov/proptaxes/ahcont.htm

Look for AH 534 Rural Building Costs. Then select the year you want. It goes back a long time and is current.

 

[Terrel L. Shields]

Might be $25 well spent. But try local appraisers or go to the assessor and look at their book...it should be available by FOIA Here the appellant does not have to use M & S. The Assessor might be required to, but the taxpayer should be able to bring any relative information they have. I served on a local Board of Equalization and we accepted whatever the taxpayer brought to us. We were a little more demanding of the assessor.

 

[CANative]

Look up pricing at Home Depot.

 

[Terrel L. Shields]

Iowa also has one similar I believe

Iowa Real Property Appraisal Manual

Iowa Real Property Appraisal Manual

tax.iowa.gov

I found this under agricultural buildings

 

[CANative]

Looks similar (higher $) but the quality description seems higher than for a small shed described in the CA source.

 

[Terrel L. Shields]

an for a small shed described in the CA source.

Yep but not $30,000 higher